Northrop Grumman Corp. agreed on a tentative settlement regarding their 401(k) plan by offering to pay $12.4 million.
The plaintiffs in the case accused the company and its fiduciaries of allowing “unreasonable” record-keeping fees. They contended that the fiduciaries failed to remove an underperforming emerging markets equity fund from the plan lineup.
The case was settled minutes before it would go to trial. Renowned litigator Jerry Schlicter represented the plaintiffs.